(a) Requirement for Filing.
(1) Every person who anticipates any taxable income which is not or will not be withheld by an employer or employers subject to Section 171.06, or who engages in any business, profession, enterprise or activity subject to the tax imposed by Section 171.03, shall file a declaration setting forth such estimated income or the estimated profit or loss from such business activity together with the estimated tax due thereon, if any. Provided, however, if a person’s income is wholly from qualifying wages from which the tax will be withheld and remitted to this Village in accordance with Sections 171.03, 171.06 and 171.14, such person need not file a declaration.
(2) A taxpayer’s final return for the preceding year may be used as the basis for computing his declaration of estimated tax for the current year. In the event a taxpayer has not previously been required to file a return, a declaration of estimated tax on anticipated income shall be filed in good faith.
(b) Dates for Filing.
(1) Such declaration shall be filed on or before April 15th of each year during the effective period of this chapter, or on or before the fifteenth (15th) day of the fourth (4th) month following the date the taxpayer first becomes subject to the provisions of this section.
(2) Those taxpayers reporting on a fiscal year basis shall file a declaration on or before the fifteenth (15th) day of the fourth (4th) month following the start of each fiscal year or period.
(c) Forms: Credit for Tax Withheld or Paid Another Taxing Municipality.
(1) Such declaration shall be filed upon a form furnished by or obtainable from the Tax Commissioner, or upon an acceptable generic form that contains all of the information required to be submitted with the Village’s prescribed form. Credit shall be taken in such declaration for Village tax to be withheld from any portion of such income and for income taxes to be paid to another taxing municipality for which credit is allowed against Village tax under Section 171.14.
(2) For taxpayers who are individuals, such declaration of estimated tax to be paid the Municipality shall be accompanied by a payment of at least twenty-two and one-half percent (22.5%) of the estimated tax liability for the current year and at least a similar amount shall be paid on or before the last day of the seventh (7th), tenth (10th) and thirteenth (13th) months after the beginning of the taxable year.
(3) For taxpayers that are not individuals, such declaration of estimated tax to be paid the Municipality shall be accompanied by a payment of at least twenty-two and one-half percent (22.5%) of the estimated tax liability for the current year and at least a similar amount shall be paid on or before the fifteenth (15th) day of the sixth (6th), ninth (9th) and twelfth (12th) months after the beginning of the taxable year.
(4) The mere submission of a declaration estimating a tax liability shall not constitute filing unless accompanied by the required payment.
(d) Amended Declaration.
(1) A declaration may be amended at any time, provided, however, that in case an amended declaration is filed, the unpaid balance shown due thereon shall be paid in equal installments on or before the remaining payment dates.
(2) An amended declaration must be filed on or before the last day of the month following the close of the taxpayer’s tax year, if it appears that the original declaration made for such year underestimated the taxpayer’s income by ten percent (10%) or more. At such time a payment, which together with prior payments, is sufficient to pay the taxpayer’s entire estimated liability, shall be made. If, upon the filing of the return required it appears that the taxpayer did not pay ninety percent (90%) of his tax liability, as shown on such return, on or before the last day of the month following the close of the tax year, the difference between ninety percent (90%) of such taxpayer’s tax liability and the amount of estimated tax he actually paid on or before such date shall be subject to the interest and penalty provisions of Section 171.10.
(3) In the event an amended declaration has been filed the unpaid balance shown due thereon shall be paid in equal installments over the remaining payment dates.
(e) Annual Return Required. On or before the fifteenth (15th) day of the fourth (4th) month following the end of the calendar or fiscal year an annual return shall be filed and any balance which may be due the Village shall be paid therewith in accordance with the provisions of Section 171.05.
(Ord. 2004-18. Passed 9-20-04.)
(Ord. 2004-18. Passed 9-20-04.)